Unformatted text preview: exchange of some good or service. The core of most contracts is a set of mutual promises. The promises made by the parties define the rights and obligations of the parties. Contracts are enforceable in the courts If one person or party to the contract does not carry out his or her part of the promise, the other person or party is entitled to receive relief through the courts. There are a number of remedies available, including: Damages (a sum of money) to compensate the ‘innocent’ party for any loss suffered – this is the most common remedy; A court order requiring the party who has breached the contract to carry out his/her obligations; A court order forbidding the party from breaching the contract. A court order declaring that the contract is at an end and requiring the party who has breached the contract to put the other party in the position he was in before the contract was entered into....
View Full Document
This note was uploaded on 02/27/2010 for the course ACC Business L taught by Professor Gwendolynthomas during the Spring '10 term at West Valley.
- Spring '10